Mon, Aug 31 2009, 03:28 GMT
http://www.fxstreet.com
FXstreet.com (Buenos Aires) – USD/JPY Current Price: 93.31. Bearish pressure remains intact in the pair, as expected after general elections. Very close to 93.20, already tested twice and where the pair could be forming a double floor, break under that level could accelerate the fall, with immediate support around 92.80. If 93.20 holds, neck for the double bottom will be at 94.05.
“Confirmations above that level, could send the pair higher, thus seems unlikely as bigger time frames also support further falls,” said Valeria Bednarik, collaborator at FXstreet.com.
Support levels: 93.20 92.80 92.50. Resistance levels: 93.70 94.10 94.45.
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